Enviva Partners (NYSE:EVA) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Thursday, Zacks.com reports.
According to Zacks, "Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. "
Several other research firms have also recently commented on EVA. Citigroup lifted their target price on shares of Enviva Partners from $43.00 to $52.00 in a research note on Tuesday, March 2nd. Barclays lifted their target price on shares of Enviva Partners from $64.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday. Royal Bank of Canada lifted their target price on shares of Enviva Partners from $51.00 to $60.00 and gave the stock an "outperform" rating in a research note on Friday, February 26th. Finally, Raymond James lifted their target price on shares of Enviva Partners from $52.00 to $57.00 and gave the stock a "strong-buy" rating in a research note on Thursday, February 25th. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Enviva Partners presently has an average rating of "Buy" and a consensus target price of $58.20.
NYSE:EVA traded up $0.01 during mid-day trading on Thursday, reaching $48.60. The stock had a trading volume of 58,065 shares, compared to its average volume of 98,194. The company has a quick ratio of 0.71, a current ratio of 1.13 and a debt-to-equity ratio of 4.02. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -70.43 and a beta of 1.00. Enviva Partners has a twelve month low of $33.14 and a twelve month high of $53.96. The firm's 50 day moving average price is $48.92.
Enviva Partners (NYSE:EVA) last announced its quarterly earnings data on Wednesday, April 28th. The energy company reported ($0.05) EPS for the quarter, beating the Zacks' consensus estimate of ($0.08) by $0.03. Enviva Partners had a net margin of 0.78% and a return on equity of 12.71%. On average, equities research analysts forecast that Enviva Partners will post 1.15 earnings per share for the current year.
In related news, Director John C. Bumgarner, Jr. purchased 32,967 shares of the firm's stock in a transaction on Tuesday, June 8th. The shares were bought at an average price of $45.50 per share, for a total transaction of $1,499,998.50. Following the acquisition, the director now directly owns 56,897 shares in the company, valued at $2,588,813.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Several large investors have recently bought and sold shares of EVA. Grandview Asset Management LLC acquired a new position in shares of Enviva Partners during the 1st quarter valued at $30,000. Credit Suisse AG acquired a new position in shares of Enviva Partners during the 1st quarter valued at $203,000. Barclays PLC acquired a new position in shares of Enviva Partners during the 4th quarter valued at $216,000. Marathon Capital Management purchased a new stake in Enviva Partners during the 4th quarter worth $227,000. Finally, D.A. Davidson & CO. purchased a new stake in Enviva Partners during the 1st quarter worth $228,000. Institutional investors and hedge funds own 67.19% of the company's stock.
Enviva Partners Company Profile
Enviva Partners, LP produces and sells utility-grade wood pellets. The company's products are used as a substitute for coal in power generation, and combined heat and power plants. It serves power generators in the United Kingdom, Europe, and Japan. Enviva Partners GP, LLC operates as the general partner of the company.
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